(Image source: Ecopia AI.)
Openly (Boston), a premium homeowners insurance provider, has selected Ecopia AI’s (Toronto) Building-Based Geocoding to fuel high-precision risk assessment during the underwriting process. Openly’s user base of independent property/casualty insurance agents across 21 states will now be able to provide the most accurate quotes to homeowners by leveraging the power of artificial intelligence (AI), an innovative approach that aligns with Openly’s own founding ideals, according to a statement from Ecopia.
Established in 2017 by a P&C industry veteran and an experienced InsurTech venture founder, Openly aims to disrupt the home insurance market by building data-driven solutions for both homeowners and independent agents. Among Openly’s solutions are comprehensive coverage options for policyholders and a simplified quoting process for agents, ultimately streamlining the underwriting process without sacrificing accuracy.
Ecopia says its Building-Based Geocoding will add power to Openly’s quoting engine, informing the risk assessment models that determine highly customized, precise quotes. When a request for a new policy comes in, Openly will call Ecopia’s Building-Based Geocoding API to retrieve the necessary location and property information needed to accurately assess risk, providing a seamless experience for both customers and agents.
Describing Building-Based Geocoding as developed using the latest advancements in AI-based mapping, Ecopia says the solution provides a rooftop-level geocode, building footprint, and parcel boundary for over 173,000 buildings across the United States. The vendor says that a comprehensive system of unique identifiers connects these entities to 240M+ primary and secondary addresses to accurately reflect property relationships and enhance master data management (MDM). To further inform Openly’s property risk assessment, Ecopia’s API will also deliver block group data from the U.S. Census Bureau to factor population density changes into risk assessment. This added level of detail streamlines Openly’s robust quoting algorithms, the vendor asserts.
Ecopia sought to create capabilities that transcend traditional property data solutions that rely on street- or parcel centroid-level geocodes to locate a property, and those that do involve building footprints are often out-of-date or incomplete. The vendor notes that these inaccuracies do not align with Openly’s mission to create innovative, data-driven solutions for P&C insurance, prompting the company to select Ecopia’s high-precision location data for its underwriting workflows.
Competitive and Customized Quotes
“We chose Ecopia because of the unmatched quality of Building-Based Geocoding,” affirms Ty Harris, CEO, Openly. “At Openly, we pride ourselves on redesigning the insurance tech stack with the most innovative solutions available, and Ecopia’s highly accurate property location data is a core component. The coverage and precision of Ecopia’s geocoded building footprints enable our user base of independent agents to provide competitive and customized quotes to homeowners more efficiently and confidently than ever before.”
“Ecopia is thrilled to empower Openly’s agents and policyholders with high-precision property insights,” comments Jai Mehra, Senior Associate, Ecopia AI. “It’s great to work with another organization so clearly committed to innovation, and we are proud to help Openly continue to disrupt the P&C insurance industry.”